Agents – Too Busy to read the New Contract?

Here’s the PDL Bullet point list

There’s a new look and feel about it, a fresh new layout and some key changes that we’ve been hoping would be included.

Some of the key features include:

Title Encumbrances – must be specifically listed, especially statutory easements and covenants. It’s not sufficient any more to simple say ‘refer to title’ or searches will reveal. If you do, there is a risk that a buyer may be able to terminate, and your seller client won’t be happy.

The “Warning Statement” is now included on the signing page, though it’s not as glaringly obvious as we were anticipating. (See below pic)

The definition of business day has been amended to exclude working days between Christmas/New Year.

Keys – there is a new (clearly stated) right given to the buyer to request to have the keys handed over at settlement, provided that request is made 2 clear business days before settlement.

The Contract for Residential Lots in a Community Titles Scheme has also had a makeover, and similar provisions as outlined above have also been included.

As always, call us if you have any questions – better to ask to clarify what needs to be done before going to contract rather than trying to fix a potential nightmare later.

If you need any more information please contact our solicitor Kylie Drysdale